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VARIABLE INTEREST ENTITIES | 9 Months Ended
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Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”) As mentioned in Note 1 - Basis of Presentation and Note 6 — Noncontrolling Interests, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds in July 2021. As a result, Timber Fund III and IV balance sheets and results of operations are only included in our consolidated financial statements through the date of the sale. As of September 30, 2021, we continue to maintain a 20% ownership interest in Fund II. Based on an analysis of the variable interest entity guidance, we have the power to direct the activities that most significantly impact Fund II’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Fund II. For further information on the Funds, see Note 6 — Noncontrolling Interests. The assets, liabilities and equity of Fund II as of September 30, 2021, were as follows:
Timber Funds | September 30, 2021
Assets: |
Cash and cash equivalents | $12,202 |
Restricted Cash, Timber Funds (Note 22) | 49,209 |
Accounts receivable | 513 |
Assets held for sale (Note 23) (a) | 54,926 |
Other current assets | 79 |
Total current assets | 116,929 |
Other assets | 23 |
Total assets | $116,952 |
Liabilities and Equity: |
Accounts payable | $547 |
Intercompany payable (b) | 160 |
Accrued taxes | 71 |
Deferred revenue | 164 |
Distribution payable, Timber Funds (c) | 49,209 |
Other current liabilities | 36 |
Total current liabilities | 50,187 |
Funds’ equity | 66,765 |
Total liabilities and equity | $116,952 |
(a) Included in assets held for sale are timber and timberland assets. (b) Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. (c) Represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests. The assets, liabilities and equity of Ferncliff Investors as of September 30, 2021, were as follows:
Ferncliff Investors | September 30, 2021
Assets: |
Cash and cash equivalents | $391 |
Total current assets | 391 |
Advances to real estate joint venture entity | 1,000 |
Total assets | $1,391 |
Liabilities and Equity: |
Total liabilities | $1,897 |
Ferncliff Investors’ equity | (506) |
Total liabilities and equity | $1,391 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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